KOOL CRYSTAL

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China’s COSCO Shipping Development, Golar LNG agree sale and leaseback of Golar Crystal

China’s COSCO Shipping Development signed a 10-year sale and leaseback arrangement with the liquefied natural gas shipper Golar LNG. According to the COSCO Shipping Development’s filing to the Hong Kong stock exchange, the company has agreed to purchase the 160,000-cbm LNG carrier GOLAR CRYSTAL for a total consideration of US$187 million. Under the arrangement, Golar LNG will charter the vessel for a period of 10 years with an upfront hire payment of $72 million. In addition, Golar LNG agreed to pay a principal hire in the aggregate amount of $62 million at an agreed schedule with variable hire still to be calculated. COSCO Shipping Development has been transformed from a container liner operator, formerly known as China Shipping Container Lines, into a financial services platform focusing on the provision of ship leasing and shipping-related financing services. Source: LNGWorldNews

Nigeria LNG charters LNG carrier from Golar

Golar LNG announced, that it has been awarded 2 time charters by Nigeria LNG Ltd to employ the recently delivered Golar Frost and Golar Crystal. Employment of both vessels under these contracts will commence in January 2015 and will continue for a duration of approximately 12 months for each vessel, the company said in its press release. NLNG has elected to retire earlier than planned 3 of its smaller and less efficient LNG Carriers and to replace these with Golar's more modern and technically advanced ships, while NLNG awaits the delivery of its own recently ordered new vessels.